Flash Card

Day#72 Current Affairs Flash Cards [PRELIMS 2020]

Madhubani Painting; Institute of Chartered Accountants of India (ICAI); Purchasing Managers Indexes (PMI); Insurance Regulatory and Development Authority of India (IRDAI);National Air Quality Index;
By IASToppers
October 16, 2019



Which pollutant is not measured under the National Air Quality Index launched by India?

  1. a) CO2 b) NO2    c) SO2

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Solution: CO2

Enrich Your Learning:

National Air Quality Index:

  • Ministry of Environment, Forest and Climate Change launched National Air Quality Index (AQI) under Swachh Bharat Mission (Cleanliness Mission), based on the recommendations of IIT Kanpur and the Expert Group formed in this regard.

About NAQI:

  • National Air Quality Index (AQI) transforms complex air quality data of eight pollutants into a single number (index value), nomenclature and color.
  • AQI is considered as ‘One Number- One Colour-One Description’ for the common man to judge the air quality within his vicinity.
  • National Air Quality Index (AQI) was launched to disseminate information on air quality in an easily understandable form for the general public. The measurement of air quality is based on eight pollutants namely,
  1. Particulate Matter (size less than 10 µm) or (PM10),  
  2. Particulate Matter (size less than 2.5 µm) or (PM5),
  3. Nitrogen Dioxide (NO2),
  4. Sulphur Dioxide (SO2),
  5. Carbon Monoxide (CO),
  6. Ozone (O3),
  7. Ammonia (NH3), and
  8. Lead (Pb)


  • It may be noted that ambient air quality standards are specified separately in India for around 12 pollutants including the 8 that constitute the Air Quality Index.
  • AQI has six categories of air quality. These are: Good, Satisfactory, Moderately Polluted, Poor, Very Poor and Severe.


Associated Health Impacts



Minimal Impact



May cause minor breathing discomfort to sensitive people

Moderately polluted


May cause breathing discomfort to people with lung disease such as asthma, and discomfort to people with heart disease, children and older adults.



May cause breathing discomfort to people on prolonged exposure, and discomfort to people with heart disease

Very Poor


May cause respiratory illness to the people on prolonged exposure. Effect may be more pronounced in people with lung and heart diseases.



May cause respiratory impact even on healthy people, and serious health impacts on people with lung/heart disease. The health impacts may be experienced even during light physical activity.



Madhubani painting is a folk painting practiced in which Indian state?

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  • Bihar

Enrich Your Learning:

Madhubani Painting:

  • Madhubani painting is also called as Mithila Art which is characterized by line drawings filled in by bright colours and contrasts or patterns.
  • It is practised in the Mithila region of Bihar and Nepal. (especially in Bihar)

About Madhubani Painting:

  • It is mentioned in ancient Indian texts like Ramayana.
  • This style of painting has been traditionally done by the women of the region, though today men are also involved to meet the demand.
  • Initially, women from village drew paintings on freshly plastered mud walls of their home as illustration of their thoughts, hopes and dreams using fingers and twigs forming two-dimensional imagery using paste of powdered rice.
  • With time, it became part of festivities and special events like marriage. It was made from paste of powdered rice. Now art is also painted on cloth, handmade paper and canvas.
  • The colours used in paintings are usually derived from plants and other natural sources.
  • The central themes of paintings are based on Hindu Gods and Goddesses.
  • The various styles of painting include Bharni, Tantrik, Katchni, Godna, and Kohbar, which were historically painted only by women from the upper strata in caste system, who used to make them on mud walls on special occasions.
  • Mithila painting has been accorded GI (geographical Indication) status.
  • Renowed artist of Madhubani art are Sitadevi, Gitadevi, Mahasundaridevi,Karpuridevi.



Which committee recommended the formation of Insurance Regulatory and Development Authority of India (IRDAI)?

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  • N. Malhotra Committee

Enrich Your Learning:

Insurance Regulatory and Development Authority of India (IRDAI):

  • Insurance Regulatory and Development Authority of India (IRDAI) is the apex body responsible for regulating and developing the insurance industry in India.
  • It was established by an act of Parliament known as the Insurance Regulatory and Development Authority Act, 1999.
  • It is an autonomous body headquartered in Hyderabad at Telangana.
  • IRDAI was set up as a statutory body in the year 2000 based on the recommendations of the R.N Malhotra Committee.

About IRDAI:

  • Primary purpose of IRDAI is to protect the rights of the policyholders in India.
  • It gives the registration certificate to insurance companies in the country.
  • IRDAI has right to renew, modify, cancel or suspend this registration certificate as and when appropriate to promote efficiency in conduct of insurance business.
  • IRDA arbitrates the disputes between insurers and intermediaries or insurance intermediaries.
  • IRDAI supervises investment of funds by Insurance companies for regulation.
  • The IRDAI had issued micro Insurance regulations for the protection of low income people with affordable Insurance products
  • These regulations have allowed Non Governmental Organisations (NGOs), Self Help Groups (SHGs) and other permitted entities to act as agents to Insurance companies in marketing the micro Insurance products.

Composition of IRDAI:

  • Chairman
  • Five whole-time members
  • Four part-time members

All are appointed by the Government of India.



Which economic firm publishes the Purchasing Managers’ Index (PMI) which is an indicator of business activity in manufacturing and service sector for India?

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The Nikkei India (Japanese firm)

Enrich Your Learning:

Purchasing Managers Indexes (PMI):

  • The Nikkei India Manufacturing PMI is based on data compiled from monthly survey responses by purchasing managers from the companies.
  • Purchasing Managers’ Index (PMI) is an indicator of business activity — both in the manufacturing and services sectors and measures activity at the purchasing.
  • For India, the PMI Data is published by Japanese firm Nikkei but compiled and constructed by Markit Economics.
  • The PMI is a private sector survey.

About PMI:

  • It is a survey-based measures that asks the respondents about changes in their perception of some key business variables in last month.
  • The report shows the percentage reporting each response, the difference between the number of higher or better responses and lower or worse responses and something called a diffusion index.
  • Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change.
  • It is calculated separately for the manufacturing and services sectors.
  • It is usually released at the start of the month, much before most of the official data on industrial output, manufacturing and GDP growth becomes available.
  • Therefore, it is considered a good leading indicator of economic activity. Economists consider the manufacturing growth measured by the PMI as a good indicator of industrial output, for which official statistics are released later.
  • Central banks of many countries also use the index to help make decisions on interest rates.
  • It also gives an indication of corporate earnings and is closely watched by investors as well as the bond markets.
  • However, the PMI suffers from the lacuna of not measuring informal sector activity. Once the overall number for the month is computed, the score is arrived at 50 denotes expansion while one below 50 signifies contraction.

Indices of PMI:

PMI is composite index based on five individual indices with their own weightages are as under respectively.

  1. New orders.
  2. Output
  3. Employment
  4. Suppliers’ delivery times.
  5. Stock of items purchased.



Institute of Chartered Accountants of India (ICAI) functions under the administrative control of which Ministry?

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The Ministry of Corporate Affairs.

Enrich Your Learning:

Institute of Chartered Accountants of India (ICAI):

  • The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the country.
  • The Ministry of Corporate Affairs, Government of India has the administrative control of the institute.

Highlights of ICAI:

  • ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India.
  • The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest.
  • The affairs of the ICAI are managed by a Council which constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government.
  • Generally, Central Government members are representing the Comptroller and Auditor General of India (CAGI), Ministry of Finance, Ministry of Corporate Affairs and other stakeholders.
  • The Council functions through its 4 Standing Committees and 37 Non-Standing Committees.
  • ICAI provides technical advice and necessary inputs on matters of economic relevance and alike to various Ministries such as Ministry of Corporate Affairs, Ministry of Commerce & Industry, Ministry of Finance, Ministry of Railways etc.
  • The ICAI conducts CA exam to produce chartered accountants in India. ICAI conducts various examinations corresponding to different levels of the Chartered Accountancy course, in accordance with the Chartered Accountants Regulations 1988.
  • Candidates who wish to take up Chartered Accountancy as a career, are required to enrol for the programme at ICAI and qualify all the levels of exams within a stipulated period of time to be certified as a Chartered Accountant.
  • Exam named like Common Proficiency Test (CPT), Foundation course examination, Intermediate (Integrated Professional Competence) examination, Final examination are conduct by ICAI.
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